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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

License rewrite becomes law; effective Dec. 31. On Dec. 31, Gov. Pat Quinn signed into law the rewrite of the Illinois Real Estate License Act of 2000 (the Act), the same day the section of the bill containing the Act took effect. The rewrite brings changes to Illinois license categories, increased coursework requirements and additional consumer protection and enforcement provisions. IAR has created a Web site, www.IARlicenselaw.org, to provide you the latest information, updates, forms and videos about the changes including:
• License Law FAQs
• Provisions Effective Dec. 31
• Legal Webinar on Article 15

NEW! Legal Webinar on transition of licensure changes. In this webinar, IAR legal counsel Steve Bochenek covers more of the transitional changes of the license law rewrite, including changes to the licensure categories and related educational requirements and deadlines.

New forms needed with amended license law. The amended license law means there are new forms and updated language to some existing forms. IAR members need to take care that they are using the correct forms as of Dec. 31. You can download the new or amended forms at www.IARlicenselaw.org or order the forms from the IAR REALTOR® Store, 800/529-2696.

Trouble logging into www.IARlicenselaw.org? Remember that IAR recently launched a new login procedure for the Web site. You will need to enter your 9-digit NRDS number the first time to set up your account (subsequent logins will be with the username and password of your choice). Find your NRDS number on the mailing label of your Illinois REALTOR® Magazine or NAR's REALTOR Magazine®, membership card, or find online from REALTOR.org.

Weekly: your e-news connection to Illinois REALTOR® Magazine. Starting with this issue we debut the Illinois REALTOR® Weekly Connection, renamed to more closely tie-in to the digital and print Illinois REALTOR® Magazine now published just four times a year in January, April, July and October with the same information you expect from IAR: practical business ideas, informed legal and legislative analysis specifically for the Illinois REALTOR®.

Today is deadline to register to vote in Illinois primary. Want to vote in the February 2, 2010 Illinois primary election? The deadline to register is today, Jan. 5. Read about grace period registration, absentee voting and more in www.IARbuzz.com. Learn more about the Illinois gubernatorial candidates in this Illinois Issues article. 

Pending home sales down in November, still higher than year ago. The Pending Home Sales Index fell 16 percent to 96.0 in November, down from 114.3 in October, according to NAR. Read more and watch a video with NAR chief economist Lawrence Yun.

Good Funds Legislation. IAR legal counsel Steve Bochenek explains how the “Good Funds” legislation (Public Act 096-0645), effective Jan. 1, 2010, will have some tangential effect to members of the Illinois Association of REALTORS® in his recent post to the IAR blog, www.IARbuzz.com. According to Bochenek: “The legislation deals with title insurance companies, title insurance agents and independent escrowees who are making disbursements from a fiduciary trust account in connection with an escrow, settlement or closing.”

2009-10 Cost vs. Value Report. Find out which remodeling projects reap the greatest reward when it comes to return on investment with Remodeling magazine’s new Cost vs. Value Report. You can also find more local information. Chicago is included in the East North Central region, while St. Louis is featured in the West North Central region.

RESPA rule in effect with new year. The new Real Estate Settlement Procedures (RESPA) went into effect on Jan. 1, 2010. Find RESPA FAQs, the latest news and presentations on the issue. As earlier reported in Illinois REALTOR® Weekly Connection, HUD on November 13 announced that it will have a 120-day period of restraint before enforcing the rule.

Distinguished Service Award nominations due Jan. 31. The deadline is fast approaching to nominate someone for the Distinguished Service Award, which honors individuals who have provided outstanding contributions and service to IAR and the community. The deadline for submission is Jan. 31.

Worth another read. A new year means new Illinois laws that can affect your business, including the ban on texting while driving that went into effect on January 1, 2010. Read this State Capitol Report about the other new state laws you should know.

Right Tools, Right Now. If you missed one of NAR’s free webinars last year, you can still access them through the Right Tools, Right Now archives. You’ll find webinars on short sales, commercial real estate, industry research and more.

Health insurance for REALTORS®. NAR is now offering REALTORS® Core Health Insurance, limited medical insurance plans designed exclusively for REALTORS® under 65.

Are you working with Echo Boomers? The children of baby boomers are a growing share of the housing market. Tell us how you approach working with this particular client — and about recent successes — and you may be featured in an upcoming IAR publication.

Did you miss it? Hot topics Weekly Connection readers viewed most last week:
>IARlicenselaw.org
>2009 Profile of Illinois Home Buyers/Sellers
>Illinois REALTOR® magazine article, “Somewhere Over the Recession: How I Survived 2009 and What I’m Planning for 2010”